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Banco do Brasil accepts no more tenders under offer to buy three series
By Rebecca Melvin
Concord, N.H., Oct. 12 – Banco do Brasil SA, acting through its Grand Cayman branch, announced the final tender results of its Sept. 13 offer to purchase up to $750 million of notes from three series, according to a company release on Tuesday.
The bank said that as of Oct. 8 at 11:59 p.m. ET the purchaser HSBC Securities (USA) Inc. had not increased the aggregate offer limit.
Accordingly, no additional notes have been accepted after the early tender time on Sept. 27.
As of the early tender time, $724,567,000 principal amount of the 3 7/8% senior notes due 2022 (Cusip: 05958AAJ7) were accepted for purchase and none of the 2023 notes or 2024 notes were accepted for purchase.
As previously reported, the offer was oversubscribed, and by the early deadline, the company received tenders for the following amounts of notes:
• $1,271,652,000 of the $1,809,700,000 outstanding 3 7/8% senior notes due 2022 for a total consideration of $1,035.10 per note;
• $377,034,000 of the $750 million outstanding 4 7/8% senior unsecured notes due 2023 (Cusips: 05959LAG8, P3772WAJ1) for a total consideration of $1,059.30 per note; and
• $482,247,000 of the $750 million outstanding 4¾% senior unsecured notes due 2024 (Cusips: 059578AE4, P1R027AA2) for a total consideration of $1,073.10 per note.
The notes tendered but not accepted for purchase will be promptly returned to holders.
The dealer managers for the offer were UBS Securities LLC (888 719-4210, 203 719-4210), BofA Securities, Inc. (888 292-0700, 646 855-8988), Banco BTG Pactual SA – Cayman Branch (212 293-4609, ol-dcm@btgpactual.com), HSBC Securities (USA) Inc. (888 HSBC-4LM, 212 525-5552, lmamericas@us.hsbc.com) and Santander Investment Securities Inc. (212 407-0930, DCMAmericas@santander.us).
The tender and information agent is D.F. King & Co., Inc. (212 269-5550, 800 676-7437, fax: 212 709-3328, bdory@dfking.com).
The government-owned bank is based in Brasilia, Brazil.
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